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Ministry of Economy and FinanceExchange transaction

Press release N° 53 of 03/17/2020

The Ministry of the Economy and Finance (MEF) announces that on March 18, 2020, an exchange transaction will be held at the Bank of Italy. The operation will be held through a marginal auction, with discretionary determination of the prices and quantities issued. 

Three bonds will be issued in exchange of one bond to be bought back.

 

The following bonds will be issued:

  • IT0005215246 BTP                15 Oct 2023    coupon 0.65%
  • IT0005246340 BTP                15 May 2024   coupon 1.85%
  • IT0005282527 BTP                15 Nov 2024   coupon 1.45%

 

The total issued nominal amount of the above mentioned bonds will not exceed 4,000 million euros.

The bond accepted for the exchange operation, to be bought back:

 

  • IT0005366007 BTP                15 Jul 2022     coupon 1.00%

The buyback price of the bond admitted for the exchange operation will be announced on the auction day at 10 a.m. The bids of the operators are to be transmitted to the Bank of Italy through the National Interbank Network, by 11 a.m. of the same day. The allocated amount will be determined by excluding offers submitted at prices deemed inconsistent with market conditions.

Only “Specialists in Government Bonds” will be allowed to participate in the exchange offer. No placement fee will be paid for the transaction.

The transaction will be settled on March 20, 2020.

Roma 03/17/2020
IT
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